Are Art Auctions a waste of Money?

Whenever I go on a cruise I am always totally shocked by the Art Auctions.  I can’t personally see why you would go on holiday and come back with a piece of art worth thousands of pounds.  These pieces of art can take up so much space and they are huge paintings.
 The art auction revolution began about 10 years ago when Park West Gallery proposed taking their act to sea.  Since then it has just grown and grown and now have dedicated rooms just for this event.  So what happens at the auction?  Well they start off giving you free champagne on the first day of auction this is to encourage you to bid.  You will always find as the cruise goes on more pieces of art will be auctioned.  Walking round the ship you see the artwork out on display.  I can never get over how expensive these things are.  So it may be fun bidding and the excitement of you having the highest bid, but are they a waste of money.  How do you know if you are being ripped off?  Are the pieces genuine? Maybe a wise idea to do some research while onboard the ship of the art piece you are interested in.  It is always best to treat art auctions the same as gambling in the casinos.  You need to know your limits.  Don’t get carried away with the emotion of bidding.  What are your views on art auctions?